Dáil Éireann Debate, Tuesday - 1 February 2005
147 Mr. Perry asked the Minister for Finance if he has carried out an assessment of the interest-only endowment funded mortgage; if he has issued any report on same; if his attention has been drawn to an additional interest charge on this type of loan (details supplied); and if he will make a statement on the matter. [2515/05]
View answerI am aware of recent reports about endowment mortgages. However, the investigation of these reports is a matter in the first instance for the Irish Financial Services Regulatory Authority, which is statutorily independent in the carrying out of its regulatory functions. In 2004 the Irish Financial Services Regulatory Authority wrote to all lenders and insurers seeking information on their endowment businesses. The information requested included details of inter alia, the number of endowment policies in force, the number of policyholders likely to be impacted by shortfalls and requested details of the steps institutions are taking to inform and advise their customers of options available where a shortfall is projected.
Responses have been received from the institutions surveyed. The process of compiling and analysing the information submitted is under way, with a view to ascertaining a clearer picture of the nature and extent of the shortfall problem. When the information has been analysed, the Irish Financial Services Regulatory Authority will consider what appropriate action should be taken.
